{"data":{"id":"us-ok/okla.-stat.-tit.-70-70-6005","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 70, § 70-6005","heading":"Advance tuition payment contracts - Required provisions -","body":"Termination of rights of beneficiary.\n\nA. The Trust, on behalf of itself and the state, may contract\n\nwith a purchaser for the advance payment of tuition by the purchaser\n\nfor a qualified beneficiary to attend any of the institutions of\n\nhigher education to which the qualified beneficiary is admitted,\n\nwithout further fees to the qualified beneficiary. In addition, an\n\nadvance tuition payment contract shall set forth in a clear,\n\nunderstandable manner all of the following:\n\n1. The amount of the payment or payments required from the\n\npurchaser on behalf of the qualified beneficiary;\n\n2. The terms and conditions for making the payment, including,\n\nbut not limited to, the date or dates upon which the payment, or\n\nportions of the payment, shall be due;\n\n3. Provisions for late payment charges and for default;\n\n4. The name and age of the qualified beneficiary under the\n\ncontract. The purchaser, with the approval of and on conditions\n\ndetermined by the Trust, may subsequently substitute another person\n\nfor the qualified beneficiary originally named;\n\n5. The number of credit hours covered by the contract, but the\n\ncredit hours shall not exceed the number of credit hours required\n\nfor the granting of a bachelor's degree in the applicable degree\n\nprogram at any institution of higher education to which the\n\nqualified beneficiary is admitted;\n\n6. The name of the person entitled to terminate the contract,\n\nwhich, as provided by the contract, may be the purchaser, the\n\nqualified beneficiary, or a person acting on behalf of the purchaser\n\nor qualified beneficiary, or any combination of these persons;\n\n7. The terms and conditions under which the contract may be\n\nterminated and the amount of the refund, if any, to which the person\n\nterminating the contract, or the purchaser or designated qualified\n\nbeneficiary if the contract so provides, shall be entitled upon\n\ntermination;\n\n8. The assumption of a contractual obligation by the Trust to\n\nthe qualified beneficiary on its own behalf and on behalf of the\n\nstate to provide for a specified number of credit hours of higher\n\neducation, not to exceed the number of credit hours required for the\n\ngranting of a bachelor's degree, at any institution of higher\n\neducation to which the qualified beneficiary is admitted. The\n\ncontract shall require that a named beneficiary who is not an\n\nOklahoma resident at the time the beneficiary is enrolled in a state\n\ninstitution of higher education shall pay all applicable nonresident\n\ntuition or fees imposed on nonresident students at the university or\n\ncollege at which the beneficiary is enrolled;\n\n9. The eligibility period;\n\n10. That a qualified beneficiary may attend a community junior\n\ncollege in this state before entering another institution of higher\n\neducation for the purpose of completing a bachelor's degree if the\n\nbeneficiary so chooses, and that the contract may be terminated\n\npursuant to the provisions of Section 9 of this act after completing\n\nthe requirements for a degree or certificate at the community junior\n\ncollege in this state or before entering the other institution of\n\nhigher education;\n\n11. All other rights and obligations of the purchaser and the\n\nTrust; and\n\n12. Other terms, conditions, and provisions as the Trust\n\nconsiders in its sole discretion to be necessary or appropriate.\n\nB. The Trust shall make any arrangements that are necessary or\n\nappropriate with institutions of higher education in order to\n\nfulfill its obligations under advance tuition payment contracts.\n\nArrangements may include, but need not be limited to, the payment by\n\nthe Trust of the then actual in-state tuition cost on behalf of a\n\nqualified beneficiary to the institution of higher education.\n\nC. An advance tuition payment contract may provide that, if\n\nafter a number of years specified in the contract the contract has\n\nnot been terminated or the qualified beneficiary's rights under the\ns.\n\nArrangements may include, but need not be limited to, the payment by\n\nthe Trust of the then actual in-state tuition cost on behalf of a\n\nqualified beneficiary to the institution of higher education.\n\nC. An advance tuition payment contract may provide that, if\n\nafter a number of years specified in the contract the contract has\n\nnot been terminated or the qualified beneficiary's rights under the\n\ncontract have not been exercised, the Trust, after making a\n\nreasonable effort to locate the purchaser and qualified beneficiary\n\nor the agent of either, shall retain the amounts otherwise payable\n\nand the rights of the qualified beneficiary, the purchaser or the\n\nagent of either shall be considered terminated.","path":["OK Code","Title 70"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os70.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"f60b01bf8dfd7c8e75d726e4809972d8f6af0cea35266195182ff2eea27d92c5","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-70-70-6004","next":"us-ok/okla.-stat.-tit.-70-70-6006"},"notice":"GroundRules: Original legal text. Not legal advice."}